(Yicai Global) May 26 -- The Shanghai Interbank Offered Rates continued to rise today, even though the People's Bank of China resumed the conduction of reverse repos for the first time in 37 working days.

The overnight SHIBOR jumped 40.70 basis points to 1.8800 percent, while the one-week rate rose 12.30 bips to 1.9080 percent. The SHIBOR for three-month loans also moved up 0.5 bips to 1.4050 percent.

The People's Bank of China injected CNY10 billion (USD1.4 billion) into its monetary system today through seven-day reverse repos, saying the move should keep liquidity “reasonably ample.”

The SHIBOR is a simple, no-guarantee, wholesale interest rate calculated by arithmetically averaging all the interbank yuan lending rates offered by the price quotation group of 18 commercial banks with a high credit rating, with the four highest and four lowest quotations excluded.

Editor: James Boynton